行业研究报告-PDF版

【公司研究】派能科技-顺应能源变革大势引领全球家用储能市场-20201229（32页）.pdf

点击查看更多【公司研究】派能科技-顺应能源变革大势引领全球家用储能市场-20201229（32页）.pdf精彩内容。

2020-12-30 32页 5星级

罗素投资（Russell Investments）：2021年全球市场趋势报告（英文版）.pdf

NORMAL THE OLD 2021 Global Market Outlook We have a positive medium-term outlook for economies and corporate earnings. Were in the early post-recession recovery phase of the cycle, which implies an extended period of low- inflation, low-interest rate growth that favors equities over bonds. Andrew Pease, Head of Global Investment Strategy COVID-19 vaccine prospects should make 2021 a year of global economic recovery. Markets have priced in a lot of good news, but more gains seem possible as corporate profits rebound and central banks remain on hold. The old normal 2 / 2021 Global Market Outlook / Russell Investments 2020 was a year of surprises. There was the speed at which the pandemic escalated, the severity of the lockdowns, the size of the government stimulus measures globally and the magnitude of the equity market rebounds. Perhaps the biggest surprise is that global equities, as of late November, have gained around 12% since the beginning of the yearan outcome few would have predicted during a global pandemic. With the U.S. election behind us and effective vaccines on the way, investors have become bullish, pushing the S moderately expensive valuations in equity and credit; and an increasingly optimistic industry consensus which has gravitated closer to our macro view. Eurozone The second wave of virus infections has reversed the Q3 V-shaped recovery and the region is on track to record negative GDP growth in Q4. The new lockdowns are working, however, and infections across the region peaked in early November. Lockdowns are being eased in some countries heading into Christmas, but the likelihood is that this winter will see ongoing virus outbreaks and renewed lockdowns until a vaccine becomes widely available, possibly by spring. Europe is poised for a strong post-vaccine recovery. Its economy suffered a big hit from the pandemic, so can rebound from a low base. Europe is more exposed to global trade than the U.S. and will be a beneficiary of a recovery in Chinese demand. After five years of underperformance, we expect the MSCI EMU Index should outperform the S&P 500 in 2021. Europes exposure to financials and cyclically sensitive sectors such as industrials, materials and energy, and its small exposure to technology, give it the potential to outperform in the post- vaccine phase of the recovery when economic activity picks up and yield curves steepen. 8 / 2021 Global Market Outlook / Russell Investments United Kingdom COVID and Brexit uncertainty have battered the United Kingdom and GDP is on track for an 11% contraction in 2020. The distribution of a vaccine and a Brexit deal could see the UK economy have one of the biggest rebounds in 2021 with GDP bouncing back by 6-7%. Longer-term, the non-tariff barriers on trade in services, even if there is a Brexit deal, will be a drag on growth, but the cyclical forces driving the GDP rebound should dominate over the next couple of years. The Bank of England is likely to keep rates on hold during the recovery phase and this should keep gilt yields contained, at most rising in line with U.S. Treasuries. The FTSE 100 Index has been the worst-performing regional equity market by a wide margin so far in 2020 through November but could be one of the better performers in 2021. It is cheap relative to other markets and is overweight the financials, materials and cyclical sectors that will benefit most from the global recovery. Japan Japans rebound from the pandemic is likely to lag other developed economies despite its less severe COVID outbreak. This reflects the structural weaknesses that were in place before the pandemic, such as subdued consumption due to the ageing population. Mobility has been slower to recover, reflecting the cautious attitude towards the pandemic from Japans older, more vulnerable population. The policy priorities of the new prime minster, Yoshihide Suga, will be an important watchpoint early next year. Suga has already expressed interest in reforms to improve productivity levels at small and medium enterprises (SME) through subsidizing capital expenditure. This would be an encouraging development, given the low productivity level at Japanese SMEs. The Olympics, assuming they go ahead in 2021, will still give a boost to the economy although smaller than previously expected given they are likely to be at a reduced scale. Russell Investments / 2021 Global Market Outlook / 9 China The Chinese economy has returned to almost pre-pandemic output levelsa significant achievement given the depth of the first quarter downturn. The IMF does not expect other large countries to return to pre-COVID economic levels until at least 2022. Consumption has played catch-up to production and this is important for the outlook for government policy. The Chinese government has a focus on the concept of dual circulation which aims to rebalance the economy towards domestic demand and away from reliance on exports and capital investment. The government believes this transition is needed to ensure that China does not fall into the middle-income trap. The government and Peoples Bank of China have been discussing when to start reducing the amount of stimulus. The most likely outcome is a continuation of the hand-over from monetary policy to fiscal stimulus. Fiscal policy should remain supportive through 2021. More stimulus may be announced at the National Peoples Congress meeting (likely in March 2021) as the government continues to support consumption. The trade war between the U.S. and China should be less heated under President-elect Joe Biden but we do not foresee a return to pre-Trump era relations with China. Two key watchpoints will offer clues to the future of U.S.-China relations. The first will be the initial meeting between Biden and Chinese President Xi Jinping, and subsequent discussions about the future of the current tariffs and the Phase One trade deal. The second watchpoint will be Bidens attempt (and ability) to forge a multi- country alliance to coerce China into improving access to its markets. 10 / 2021 Global Market Outlook / Russell Investments Australia/New Zealand Australia and New Zealand have controlled the virus outbreak better than most other countries and, with relatively open economies, are poised to be beneficiaries from the post-vaccine global recovery. A direct benefit of the vaccine will be the return of inbound tourism. This will particularly benefit New Zealand given its reliance on Australian visitors. The re-election of Jacinda Arderns Labour government in New Zealand means a continuation of the supportive fiscal stance for the economy, while in Australia, the Liberal government has committed to deficit spending until the unemployment rate is below 6%. This wont be until 2022, as per their forecasts. The central banks of both countries have become more aggressive in their accommodation, with the Reserve Bank of Australia (RBA) undertaking a quantitative easing program and the Reserve Bank of New Zealand (RBNZ) implementing a Funding for Lending scheme (under which the RBNZ provides the banks with funds for lending, similar to the European Central Banks targeted longer-term refinancing operations program). Next year will likely see an expansion of the RBAs quantitative easing (QE) program, and there remains a possibility of negative interest rates in New Zealand. The recovery in the global economy, led by China, should benefit the equity markets in both countries. The offset, however, is that a return to economic normality will place upward pressure on both the Australian and New Zealand dollars. Canada Canada seems likely to be a bigger beneficiary from the post- vaccine rebound than the United States. Unlike the U.S., there are no concerns about political gridlock, and fiscal support is likely to remain in place for as long as needed. Canadas economy contracted by an annual rate of 13.4% over the first half of 2020 and fiscal policy has been critical to the recovery since then. The near-term risk is that virus cases are rising at a worrying pace, forcing provincial policy makers to reimpose business restrictions. We expect the Canadian economy will grow by 5% in 2021. Canadas exposure to commodities, particularly oil, will benefit from the rebound in the global economy. Business investment may be slower to materialize but the housing market and improving commodity prices should serve as the foundation to the recovery. The S&P/TSX Composite Index has lagged the S&P 500 by a wide margin this year. It should recover some of this underperformance in 2021 in line with the global recovery. The Canadian dollar should also rebound in line with its commodity price correlation, with the potential for a $0.79 CAD/ USD exchange rate. Russell Investments / 2021 Global Market Outlook / 11 Asset class preferences Our cycle, value and sentiment investment decision-making process in early December 2020 has a moderately positive medium-term view on global equities. Value is slightly expensive, with the expensive U.S. market offset by fair value in the rest of the world. Sentiment is slightly overbought following the post-vaccine announcement optimism. The cycle is supportive of risk assets for the medium-term. The recovery from the recession means a long period of low-inflationary growth supported by monetary and fiscal stimulus. We prefer non-U.S. equities to U.S. equities. The post-vaccine economic recovery should favor undervalued cyclical value stocks over expensive technology and growth stocks. Relative to the U.S., the rest of the world is overweight cyclical value stocks. We like the value in emerging markets (EM) equities. Chinas early exit from the lockdown and stimulus measures should benefit EM more broadly, as will the recovery in global demand and a weaker U.S. dollar. High yield and investment grade credit are slightly expensive on a spread basis but have an attractive post-vaccine cycle outlook. Bank loans and U.S. dollar-denominated emerging markets debt in our view offer the best opportunities. Government bonds are expensive. Low inflation and dovish central banks should limit the rise in bond yields during the recovery. U.S. inflation-linked bonds offer good value with break-even inflation rates well below the Feds targeted rate of inflation. Real assets: Real Estate Investment Trusts (REITs) sold off heavily in March 2020, with investors concerned about the implications of social distancing and online shopping for office buildings and shopping malls. Sentiment appears overly bearish, while value is positive. These should be a pandemic recovery trade. Listed infrastructure should also benefit from the global recovery, boosting transport and energy infrastructure demand. The U.S. dollar should weaken into the global economic recovery given its counter-cyclical behavior. The dollar typically gains during global downturns and declines in the recovery phase. The main beneficiaries should be the economically sensitive commodity currencies: the Australian, New Zealand and Canadian dollars. The euro and British sterling are undervalued. Both currencies should be boosted by the post- vaccine recovery. 12 / 2021 Global Market Outlook / Russell Investments Asset performance since the beginning of 2020 % -15 -10 -5 0 5 10 15 20 25 30 35 40 FTSE 100 () Global REITS ($) Bloomberg Commodities Index ($) Global Listed Infrastructure ($) US Dollar Index DXY ($) MSCI EMU () Russell 1000 Value ($) ASX 200 (A$) German 10Y Govt Bond () S&P/TSX (C$) Japan Topix () ML Global High Yield Bonds ($) ML Global Corporate Bonds ($) MSCI All Country World ($) MSCI Emerging Equities ($) US 10Y Govt Bond ($) S&P 500 ($) Gold ($) MSCI China ($) Russell 1000 Growth ($) Nasdaq ($) Source: Refinitiv Datastream. Last observation: November 24, 2020. The post-vaccine period should deliver another strong, V-leg for the U.S. recovery that delivers real GDP growth in excess of 5% in 2021. Andrew Pease, Head of Global Investment Strategy Russell Investments / 2021 Global Market Outlook / 13 IMPORTANT INFORMATION The views in this Global Market Outlook report are subject to change at any time based upon market or other conditions and are current as of December 7, 2020. While all material is deemed to be reliable, accuracy and completeness cannot be guaranteed. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Keep in mind that, like all investing, multi-asset investing does not assure a profit or protect against loss. No model or group of models can offer a precise estimate of future returns available from capital markets. We remain cautious that rational analytical techniques cannot predict extremes in financial behavior, such as periods of financial euphoria or investor panic. Our models rest on the assumptions of normal and rational financial behavior. Forecasting models are inherently uncertain, subject to change at any time based on a variety of factors and can be inaccurate. Russell believes that the utility of this information is highest in evaluating the relative relationships of various components of a globally diversified portfolio. As such, the models may offer insights into the prudence of over or under weighting those components from time to time or under periods of extreme dislocation. The models are explicitly not intended as market timing signals. Forecasting represents predictions of market prices and/or volume patterns utilizing varying analytical data. It is not representative of a projection of the stock market, or of any specific investment. Investment in global, international or emerging markets may be significantly affected by political or economic conditions and regulatory requirements in a particular country. Investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Such securities may be less liquid and more volatile. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and political systems with less stability than in more developed countries. Currency investing involves risks including fluctuations in currency values, whether the home currency or the foreign currency. They can either enhance or reduce the returns associated with foreign investments. Investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, pr

2020-12-24 14页 5星级

上海交通大学：全球资本市场竞争力报告（2020）（20页）.pdf

2 pOpQnNqNwPrQsNnMsPmRtN9PcM7NpNpPoMoOkPrQoMkPsQnM9PpOpMNZrNrNNZqQvN 摘 要 资本市场每一次重大制度变革和创新，都会进一步激发市场.

2020-12-21 20页 5星级

伽马数据：2020全球移动游戏市场企业竞争力报告（56页）.pdf

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2020-12-21 56页 5星级

【研报】电气设备行业投资策略：市场化大周期开启中国创新引领全球-20201205（19页）.pdf

点击查看更多【研报】电气设备行业投资策略：市场化大周期开启中国创新引领全球-20201205（19页）.pdf精彩内容。

2020-12-08 19页 5星级

浦发硅谷银行：全球视野下的中国医疗健康资本市场(27页)(1).pdf

年 至 月，全球 医疗健康创新生态圈总投资额达亿美元，其中美国以亿美元投资额（） 位居首位，其次是中国和欧洲，分别为亿美元（）和亿美元（）。尽管新冠疫情造成金融市 场动荡，全球范围内 风投注资的医疗.

2020-12-04 27页 5星级

好食品研究所（GFI）：2020年人造肉行业报告（英文版）（54页）.pdf

2020年是培植肉类行业的第一年一以以色列政府首脑食用培植肉和新加坡首次商业销售培植肉为结尾。新加坡对培植鸡产品的监管批准是其他国家监管绿灯的好标志。目前，该行业的商业格局包括70多家初创公司，专注于.

2020-12-01 54页 5星级

全球适应中心（GCA）：2020年第二季度流媒体行业报告（英文版）（41页）.pdf

2020年第二季度音乐行业总结尽管COVID-19对音乐流媒体的增长产生了积极影响，正如在线视频、电子商务和数字健康和健康应用程序及技术一样，本季度还有三个其他重大事件对该行业产生了影响：第一，华纳音乐集团（Warner Music Group）以每股25美元的价格发行7700万股，以约130亿美元的估值筹集了19.25亿美元的资金，这是今年迄今为止以美元计算的最大规模IPO，其中大部分资金流向了售股股东/所有者接入行业第二，高盛（goldmansachs）备受期待的年度“空中音乐”（Music in the Air）报告于今年5月发布，而对现场音乐和邻近行业的一些近期预测则因这一流行病而受到影响，数字音乐增长依然强劲，总体音乐行业的长期前景依然看好尽管宏观经济趋势不利，但音乐公司最近的公开市场活动支撑了该类别在第二季度的成功。第三，Spotify的（现货）市值自1月份以来已升值70%以上，我们预计，该公司将利用其股权继续其积极的并购战略今年5月，该公司宣布与价值超过1亿美元的乔罗根体验达成一项多年独家交易今年6月，该公司宣布与华纳兄弟/华盛顿漫画公司（Warner Bros/DC Comics）和金卡戴珊韦斯特（Kim Kardashian West）建立播客合作关系这突出了Spotify的优势对播客领域的持续兴趣在我们的核心音乐集团中，音乐发行商是上市公司的领头羊，交易收入为EV/2020E的5.2倍，息税折旧摊销前利润为EV/2020E的17.9倍DSP。战略和财务发起人正寻求通过高调的音频融资增加对这一快速增长的细分市场的敞口-KKR对Artlist的投资突出了2020年第二季度的活动-SoundCloud也在今年早些时候宣布了7500万美元的投资，从天狼星XM将加速产品开发我们预计，随着数字音频市场的不断发展，顶级艺术家将在新兴平台上分裂，利用技术创造差异化的产品，这一趋势将继续下去。

2020-12-01 41页 5星级

瑞士再保险公司：2020及2021年全球经济及保险市场展望（英文版）（29页）.pdf

瑞士再保险公司在伦敦发布了报告：2020及2021年全球经济及保险市场展望。本报告主要内容如下：1.经济环境：全球经济增长继续放缓，利率持续低迷。2020年美国经济衰退的可能性保持在35% 不变。贸易.

2020-12-01 29页 5星级

华利安（Houlihan Lokey）：2020年第三季度保险技术市场更新报告（英文版）（18页）.pdf

Houlihan Lokey很高兴介绍其2020年第三季度的保险技术市场更新。保险技术继续看到爆炸性的活动，融资额约60亿美元，并购额约120亿美元。第三季度89笔融资额较上年同期增长约44%，第三季.

2020-12-01 18页 5星级

全球适应中心（GCA）：2020年市场和电子商务概况（英文版）（39页）.pdf

分析师的报告：从线下购物到网上购物的转变已经提前了2到5年，这在很大程度上是因为COVID-19对全球消费者习惯的影响。2020年第3季度，市场和电子商务以及公共和私人市场的持续加速和增长完全接受转型和商业模式。在这一转变中，一些类别已经成为巨大的赢家，这是COVID-19和留在家订单的直接结果，最显著的是那些满足我们基本需求层次结构的订单，即食品、住房和水。或者用今天的说法：杂货(本年迄今增长8%)、家居装修(增长27%)年初至今)和酒精饮料(年初至今增长9%)。亚马逊的繁荣如我们所料，但沃尔玛、Target、家得宝(第二季度在线销售额翻了一番)和迪克体育用品(第二季度在线销售额翻了两番)的繁荣也是如此。虽然返校购物季令人失望，因为“返校”并没有真正发生，但有一点是肯定的，我们将迎来一个非常数字化的假期。关注的一些宏观趋势：电子商务如何从当前形势中受益预计2020年电子商务将占零售总额的14.5%，比往年有了很大的提高，实体零售商寻求重组保护的人数创下了历史纪录。从线下到线上的过渡将加快，2020年将被记作世界经济的拐点电子商务的增长。在长期转变的推动下，电子商务和市场的股价出现了显著的增长：市场年迄今增长71%，电子商务年迄今增长129%。家居类在全年经历了巨大的增长，一些人(如Wayfair)承认，作为全数字人口，它是“抢手货”进入核心家庭消费品类。Etsy继续快速增长，股价翻了一番多，市值达到约170亿美元，家居用品和家装是其主要细分市场。

2020-12-01 39页 5星级

国际保险监督官协会（IAIS）：2020年全球保险市场报告（GIMAR）-Covid-19版 （英文版）（15页）.pdf

国际保险监管机构协会（IAIS）是一个由200多个司法管辖区的保险监管机构和监管机构自愿组成的会员组织。保险业协会的使命是促进对保险业进行有效和全球一致的监管，以发展和维持公平、安全和稳定的保险市场，造福和保护投保人，并促进全球金融稳定。保险业协会成立于1994年，是一个国际标准制定机构，负责制定保险业监管的原则、标准和其他辅助材料，并协助其实施。协会亦提供一个论坛，让会员分享他们对保险监管和保险市场的经验和认识。国际金融协会与其他国际金融政策制定者、监管机构或监管者协会协调工作，并协助塑造全球金融体系。特别是，国际会计准则协会是金融稳定委员会（FSB）的成员、国际会计准则委员会（IASB）标准咨询理事会的成员以及获得保险计划（A2ii）的合作伙伴。20国集团（G20）领导人和其他国际标准制定机构也经常要求IAIS就保险问题以及与全球金融业监管有关的问题提供意见，以表彰IAIS的集体专长。这是第八期全球保险市场报告（GIMAR）。这是一个特别的版本，重点是Covid-19对2020年全球（再）保险业的影响。GIMAR评估与（再）保险行业相关的发展，并确定行业的关键风险和弱点，以提高IAIS成员、利益相关者和相关方的意识。与近几年相比，该GIMAR已被调整为报告IAIS全球监测活动（GME）的结果。GME是IAIS评估全球保险市场趋势和发展以及检测全球保险业系统性风险可能积聚的框架的一部分。2020年，GME被重新调整用途，对Covid-19对全球保险业的影响进行有针对性的评估。基于此分析，本期GIMAR特刊从监管角度探讨了2020年Covid-19对全球（再保险）行业的影响。

2020-12-01 15页 5星级

花旗银行（Citi GPS）：2020年新冠肺炎疫情下的全球艺术品市场（英文版）（54页）.pdf

尽管迄今为止，艺术品市场在新型冠状病毒肺炎疫情期间表现良好，但在过去的危机中，市场受到了冲击。追溯到1971年，当 Masterworks.io数据集开始时，高端艺术品市场经历了四次大幅下跌。这些事件.

2020-12-01 54页 5星级

华利安（Houlihan Lokey）：2020年第一季度保险技术市场更新报告（英文版）（13页）.pdf

COVID-19的爆发导致了全球卫生紧急状况，并使金融市场陷入疯狂。下面是Houlihan Lokey对病毒对保险技术行业影响的评估。尽管COVID-19的影响在短期内被证明是负面的，但一些领域可能会.

2020-12-01 13页 5星级

华利安（Houlihan Lokey）：2020年第四季度保险技术市场更新报告（英文版）（19页）.pdf

Houlihan Lokey很高兴介绍其2020年第四季度的保险技术市场更新。保险技术在2020年创下纪录，融资额约103亿美元，并购额约175亿美元。2020年约103亿美元的融资额比2019年水平.

2020-12-01 19页 5星级

全球适应中心（GCA）：2020年第三季度流媒体行业报告（英文版）（39页）.pdf

2020年第三季度音乐行业总结执行摘要对于全球数字音频市场来说，第三季度是一个繁忙的季度，第二季度的强劲势头贯穿了整个季度。音乐产业对全球流行的复原力是值得注意的，很明显，即使在现场活动等出现挫折的地方，技术也已进入突破口，以促进实时替代方案音乐产业的重新平台化仍在快速进行，为一个令人兴奋的10年周期的行业特定增长奠定了基础。以下是我们正在密切跟踪的趋势：1. 活蹦乱跳直播音乐会流媒体已经进入了全球直播场馆关闭所造成的空白而且早期的回报令人印象深刻；音乐会流媒体在这里留下了一些极具创意的货币化和参与选择（想想游戏，想想实时微交易）2. 点唱机英雄歌曲基金是宏观趋势的头条随着第三季度融资15亿美元购买音乐目录，“歌曲作为资产类别”这一论题继续引起越来越多的兴趣。宋在整个第三季度的惊人交易速度是无与伦比的，但随着圆山音乐（Round Hill Music）宣布第四季度上市计划，它将不再是唯一一只上市交易基金3. 流媒体的快速发展市场接受增长故事自4月1日以来，Spotify和腾讯音乐的市场都有了惊人的增长（SPOT 99.5%，TME 45.9%），流媒体和付费用户的增长为这一增长铺平了道路4. 独立摇滚！独立艺术家市场及其所有相关的接触点，继续证明了为什么它是音乐市场增长最快的部分，而且不可低估，估计2020年的市场规模为20亿美元。“第四专业”是技术本土，是业界普遍期待的5. 负责WMG的业务作为全球唯一一家上市的纯音乐发行商和唱片公司，华纳音乐集团（Warner music Group）完全有能力从推动音乐产业的更广泛的世俗顺风中获益。该公司自6月份首次公开募股（IPO）以来，不失时机地进行了包括HipHopDX和IMGN在内的几宗收购，并预计其种子期投资子公司WarnerMusicBoost将继续支持该行业的技术创新者。

2020-12-01 39页 5星级

全球适应中心（GCA）：地产科技市场2020年第三季度报告（英文版）（41页）.pdf

尽管2020年第三季度地产科技的并购交易数量和私人投资活动总量有所下降，但地产科技业务的投资和收购市场仍然非常活跃，在第二季度，Rocket公司的IPO、Lemonade的IPO以及，Optimal Blue以18亿美元出售给Black Knight，Ellie Mae以110亿美元出售给ICE，以及Opendoor的SPAC合并，都突显了在2020年第三季度改变市场的大型交易。本季度58宗交易的私人增长资本投资近8亿美元，环比大幅下降，但仍有多家公司高调增资，如Orchard、Aquicore、Hippo和Blend等公司在第三季度全部融资。住宅房地产（RRE）技术及其相关生态系统抵押技术、P&C保险技术、产权/结算技术、技术支持的经纪公司继续是市场中非常活跃的部分，因为低利率和COVID-19影响的移民推动了RRE交易活动。交易数字化工具数字所有权和托管（JetClosing raise/Modus sale）和数字抵押工具（Blend raise/Ellie Mae sale/Optimal Blue sale/Snapdocs raise）是市场上特别活跃的细分市场。市场的估值倍数继续保持强劲，尤其是科技/软件业务，纳斯达克指数年初至今上涨约30%（。以地产科技为重点的SPAC（特殊目的收购公司）上升。Opendoor/proch/Open Lending/Vivint都宣布了SPAC合并年初至今，还有多家专注于地产科技的SPAC正在寻找目标。

2020-12-01 41页 5星级

全球适应中心（GCA）：2020年第三季度保险技术行业报告（英文版）（23页）.pdf

尽管宏观环境充满挑战，保险技术仍然是一个活跃的类别，2020年第三季度融资额约为26亿美元，并购额约为105亿美元。2020年第三季度的融资额（80笔）与2019年同期（79笔）持平，但总融资额同比增长约56%。并购活动仍有所缓和，与2019年同期的29笔交易相比，2020年第三季度有22笔交易。第三季度进行了大规模融资，但大部分融资已于9月份完成。本季度引人瞩目的几轮融资包括光明健康（Blackstone/Tiger Global）5亿美元的融资，Ki保险（Blackstone/Fairfax）5亿美元的融资，以及Next保险（CapitalG）2.5亿美元的融资，CapitalG第三季度的并购和增长投资交易尽管受到宏观不利因素的影响，但仍在完成，而且这些交易严重倾向于美国交易。值得注意的并购交易包括Roper以53亿美元收购Insuratech巨头Vertafore和Clearlake Capital以9亿美元收购保险代理SaaS提供商Zywave。截至9月，共有220宗交易在Insuratech领域筹集了51亿美元的增长资本。在公开市场上，保险软件公司的EV/20E收入为6.9倍，EBITDA为20.7倍，领先于公开市场公司估值。Lemonade、GoHealth和Duck Creek都在本季度与MediaAlpha和Root进行了IPO，此后不久。此外，Clover Health预计将在不久的将来通过水疗中心进入公共市场。

2020-12-01 23页 5星级

德文（Devenir）：2020 年HSA 市场统计和趋势报告（英文版）（12页）.pdf

强劲的HSA资产增长。截至2020年12月31日，健康储蓄账户的资产增长依然强劲，超过3000万账户的资产增长至822亿美元，资产同比增长25%，健康储蓄账户同比增长6%。HSA投资资产增长迅猛。在2020年下半年强劲市场增长的推动下，截至12月底，HSA投资资产飙升至238亿美元，同比增长52%。平均而言，投资账户持有人持有17926美元的总余额(存款和投资的总和)。对HSA投资的兴趣与日俱增。现在大约有170万个账户投资了一部分HSA美元，几乎占所有账户的6%。HSA贡献增长超过提取。2020年，账户持有人向其账户贡献了近420亿美元(比上年增长8%)，2020年从账户中提取了300多亿美元(比上年增长4%)。部分原因是由于COVID-19流感大流行造成的不利因素以及对就业市场的相关影响，2020年的账户增长放缓。我们继续看到，没有资金支持的账户比例具有季节性。账户通常在秋季开放招生季节开设，但直到第二年年初才有资金。到2020年底，大约20%的账户没有资金，低于一年前的21%。

2020-12-01 12页 5星级

全球适应中心（GCA）：2020年第一季度软件行业报告（英文版）（39页）.pdf

全球软件行业仍然是最活跃的投资行业之一，在2020年第一季度，全球软件行业的融资交易价值约140亿美元，并购交易价值约280亿美元。第一季度的重大并购活动包括网络安全领域的重大收购：Symphony Technology Group以21亿美元收购RSA，Advent International以19亿美元收购Forescout Technologies，Hellman&Friedman以12亿美元收购CheckmarxFinancial Software，这是20年第一季度规模最大的融资交易之一，由Chime的7亿美元融资和revolution的5亿美元融资所带动；商业智能和分析行业的融资量也很高。软件行业的交易表现因COVID-19的影响，但表现优于标准普尔500指数，截至2020年第一季度，IGV techsoftware指数表现优于标准普尔500指数8.3%LTM。技术应用软件公司的2020E年收入和息税折旧摊销前利润分别为7.7倍和23.9倍，是软件行业的最高水平。尽管仍存在不确定性，但软件行业的总体增长前景依然健康，一些行业出现了下滑。

2020-12-01 39页 5星级